{"id":184173,"date":"2012-07-14T20:02:00","date_gmt":"2012-07-15T01:02:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/07\/14\/i-call-coverup-and-scapegoating\/"},"modified":"2012-07-14T20:02:00","modified_gmt":"2012-07-15T01:02:00","slug":"i-call-coverup-and-scapegoating","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/07\/14\/i-call-coverup-and-scapegoating\/","title":{"rendered":"I Call Coverup and Scapegoating"},"content":{"rendered":"<p>JP Morgan is now claiming that <a href=\"http:\/\/www.bloomberg.com\/news\/2012-07-13\/jpmorgan-claim-of-possible-trader-intent-may-help-bank.html\">its traders intentionally deceived them when they lost $<strike>2<\/strike> <strike>4.4<\/strike> <strike>5.8<\/strike> 7 billion<\/a>:<\/p>\n<blockquote style=\"color: blue;\"><p>JPMorgan Chase &amp; Co. (JPM)\u2019s announcement that an internal inquiry may show \u201cintent\u201d to misprice trades in a unit that lost $5.8 billion may help a U.S. investigation while putting distance between management and any wrongdoers.<\/p>\n<p>\u201cE-mails, voice tapes and other documents, supplemented by interviews\u201d were \u201csuggestive of trader intent not to mark positions where they believed they could execute,\u201d the bank said in a presentation yesterday as it reported net income fell 9 percent to $4.96 billion. \u201cTraders may have been seeking to avoid showing full amount of losses,\u201d the bank said, noting management had concerns about the integrity of the prices used. The bank didn\u2019t provide evidence to support the allegations.<\/p>\n<p>The U.S. Department of Justice and the Federal Bureau of Investigation in New York in May began a probe of the bank\u2019s trading losses, a person familiar with the matter said. The Securities and Exchange Commission and the Commodity Futures Trading Commission, which regulates derivatives trading, are also examining New York-based JPMorgan\u2019s trading activities, according to people familiar with those probes. <\/p><\/blockquote>\n<p>Yes, of course, none of it was senior management&#8217;s fault, it was all the fault of those damn Eskimos.<\/p>\n<p>Quoting Richard Widmark playing Col. Tad Lawson in <i>Judgement at Nuremberg<\/i>:<\/p>\n<blockquote style=\"color: blue;\"><p>There are no Nazis in Germany, didn&#8217;t you know that, Judge? The Eskimos invaded Germany and took over. That&#8217;s how all those terrible things happened. It wasn&#8217;t the fault of the Germans, it was the fault of those damn Eskimos!<\/p><\/blockquote>\n<p>This is such a transperent case of cover-your-ass as I have ever seen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JP Morgan is now claiming that its traders intentionally deceived them when they lost $2 4.4 5.8 7 billion: JPMorgan Chase &amp; Co. (JPM)\u2019s announcement that an internal inquiry may show \u201cintent\u201d to misprice trades in a unit that lost $5.8 billion may help a U.S. investigation while putting distance between management and any wrongdoers. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004],"tags":[],"class_list":["post-184173","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184173"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=184173"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184173\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=184173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=184173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=184173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}